b. The Owners share data they have gathered regarding their attempts to change prices and prices changes of potentially related products. The Owners are looking to change the prices of their in-app purchases to see if they can make more money. Using your knowledge of Elasticity, identify/solve relative elasticities, interpret the answer and provide any applicable advice to the company. (Please give numerical answers to 2 decimal places) i. When the Owners changed the price for getting more lives/attempts to complete the puzzle from £0.99 for 5 additional lives/attempts in Quarter 1 to £1.99 for 5 additional lives/attempts in Quarter 2, sales changed from 10500 in Quarter 1to 10000 in Quarter 2. Calculate the price elasticity of demand between Quarter 1 and Quarter 2. What suggestions would you make to the Owners regarding changing their prices given your answer? ii. When the Owners changed the fee for their boosters (in app/game items that help to solve the puzzles) £5.99 for a package of boosters Quarter 1 to £6.99 for the same package of boosters Quarter 2, sales changed from 12000 in Quarter 1 to 9000 in Quarter 2. Calculate the price elasticity of demand between Quarter 1 and Quarter 2. What suggestions would you make to the Owners regarding changing their prices given your answer? iii. The Owners allow consumers to agree a monthly rate for a special package of boosters. Consumers can choose to come off the monthly rate at any time for the special package of boosters. The average income of consumers that agree the special package of boosters decreased from £2500.00 per month to £2200.00 per month. The sales of the monthly special package decrease from 9000 to 6500 during this time period. Calculate the income elasticity of demand and identify whether the protection software is a necessity or a luxury good.

The Owners share data they have gathered regarding their attempts to change prices and prices changes of potentially related products.

  The Owners share data they have gathered regarding their attempts to change prices and prices changes of potentially related products. The Owners are looking to change the prices of their in-app purchases to see if they can make more money. Using your knowledge of Elasticity, identify/solve relative elasticities, interpret the answer and provide any…

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